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Does NNPC plan to increase fuel cost?

NNPC has no plan to raise fuel prices. Is it true? How Nigerian authorities comment latest rumors fuel cost rise?

Oil Price

NNPC provides Nigerians with a new portion of news from their side. Due to recent attacks on the oil facilities in Nigeria together with low price on crude oil production. The prices for the gasoline goes up. For the last few months, the fuel cost increased by 50% throughout all Nigeria. Expectedly, people expect that with new forex scarcity, the fuel price will go up also. However, Dr. Maikanti Baru, the Boss of NNPC (Nigerian National Petroleum Corporation) sent the message to the press, that petroleum prices are not expected to be higher in the next months. It may certainly calm down Nigerians, but they are still a little bit susceptive about the question.

READ ALSO: What are the reasons for fuel subsidy removal in Nigeria?

Fuel cost

The speculations and rumors do not desire to chill out. Especially with recent government price increase from N86 to N145 per liter.  The forex scarcity provides more alerts to people that the price of the petroleum will be increased. Nevertheless, the President Muhammadu Buhari ensured the press, which government has no plan on fuel price increase. The NNPC Boss is also sure that there is no basis for the continued increase for fuel. Moreover, he added that the foreign exchange demands were sustained. Moreover, the savings of petroleum of over 1.4 billion liters in ground savings are more than enough for the domestic market.

Fuel price

The international economy plays a bad joke with Nigerians. It`s the country that produces crude oil but still, suffers from not having enough petroleum in the cars. The last jump of prices for fuel was expected, but people with low income suffer from the high price. As fuel is a certain element of every product. You can`t expect people to live their metal horses due to high petroleum price. The extreme forex scarcity produced more speculations about increasing oil prices. Unfortunately, despite esurience from the president and NNPC Boss, people of Nigeria tends to expect the rumors are true.

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